)
Shares of Britannia Industries surged nearly 4% to Rs 1,311, extending its one-month long rally on the bourses. The stock of the country’s leading food company is currently trading at its record high on the Bombay Stock Exchange (BSE).
Since July 18, the stock has rallied 31% from Rs 997 compared to 3% rise in the benchmark S&P BSE Sensex. Last month, the company had sold factory land located at Padi, Chennai for Rs 172 crore.
The company reported sales growth of 15.3% in Q1FY15 (April-June 2014) as against industry growth of 6.2% showing strong sales momentum. It gained 130bps market share in the past one year and is aiming at the top slot in the biscuit industry where Parle has a lead of 300bps.
Amnish Aggarwal analyst at Prabhudas Lilladher maintains ‘Buy’ rating on the stock with a target price of Rs 1,372.
Analyst believe Britannia Industries has laid the foundation of further increase in market share and acceleration in volume growth from around 5% in FY14 to 9.5% over FY14?16.
Since July 18, the stock has rallied 31% from Rs 997 compared to 3% rise in the benchmark S&P BSE Sensex. Last month, the company had sold factory land located at Padi, Chennai for Rs 172 crore.
The company reported sales growth of 15.3% in Q1FY15 (April-June 2014) as against industry growth of 6.2% showing strong sales momentum. It gained 130bps market share in the past one year and is aiming at the top slot in the biscuit industry where Parle has a lead of 300bps.
Amnish Aggarwal analyst at Prabhudas Lilladher maintains ‘Buy’ rating on the stock with a target price of Rs 1,372.
Analyst believe Britannia Industries has laid the foundation of further increase in market share and acceleration in volume growth from around 5% in FY14 to 9.5% over FY14?16.
